Day: March 13, 2019

OTTAWA — The Competition Bureau says engineering firm WSP Global Inc. has been ordered to pay $4 million for bid-rigging on municipal infrastructure contracts in Quebec. It says the payment is part of a settlement filed with the Superior Court of Quebec for the company’s role in a bid-rigging scheme between 2002 and 2011, when the firm was known as Genivar Inc. The bureau... Read More

TORONTO — Canada’s main stock index closed up as the energy and health care sectors rose, while U.S. markets climbed after encouraging economic data. The S&P/TSX composite index closed up 13.31 points at 16,149.97 In New York, the Dow Jones industrial average closed up 148.23 points at 25,702.89. The S&P 500 index was up 19.40 points at 2,810.92, while the Nasdaq composite was up 52.37 points at 7,643.41.... Read More

TORONTO — The chief executives of Canada’s five largest banks collectively earned roughly $63.2 million in total compensation during the 2018 financial year, up about 12 per cent from the previous year. Based on the banks’ latest proxy circulars, Toronto-Dominion Bank’s chief executive Bharat Masrani received the highest overall pay for the 12 months ended Oct. 31, 2018 at $15.3 million in total... Read More

TORONTO — A new survey shows that more than three-quarters of Canadians now do their banking through digital channels, up from 68 per cent two years ago. The poll commissioned by the Canadian Bankers Association found that 53 per cent say online banking is their most common way of banking. The bi-annual online survey also showed that the second-highest ranked banking... Read More

CALGARY — Crude-by-rail shipments from Western Canada fell in February to the lowest level since May of last year, according to Genscape. The U.S. company, which monitors rail terminals handling about 80 per cent of typical volumes from Western Canada, reports average loadings last month were 144,000 barrels per day, about half of the 281,000 bpd it recorded in January. The falloff came after Calgary-based Imperial... Read More

TORONTO — Brookfield Asset Management plans to acquire roughly 62 per cent of global investment manager Oaktree Capital Group in a cash-and-stock deal. As part of the transaction, Brookfield will acquire all outstanding Oaktree Class A units for either US$49 in cash or 1.0770 Class A shares per unit. The companies say in a joint release that this represents a premium... Read More

EDMONTON — Aurora Cannabis shares are up following news that it has appointed U.S. billionaire Nelson Peltz as a strategic adviser and given him the option to buy a stake in the company. The Edmonton-based cannabis company says it has granted Peltz options to purchase nearly 20 million common shares at $10.34 per share, slightly below Tuesday’s closing price. The shares were up more than 12 per... Read More

WASHINGTON — U.S. wholesale prices barely increased last month after falling for three straight months, a sign there is little inflation pressure in the economy. The producer price index — which measures price changes before they reach the consumer — rose 0.1 per cent in February, the Labor Department said Wednesday. It slipped 0.1 per cent in January. Excluding volatile... Read More

TORONTO — The cannabis company backed by members of the Tragically Hip band has agreed to a friendly takeover by Quebec-based HEXO Corp. in an all-share transaction valued at $263 million. The transaction is unanimously supported by the directors of both companies but requires approval by Newstrike shareholders. Newstrike also has the right to accept a superior proposal in certain circumstances,... Read More